Question

New Fixed Asset Module

Forum|Forum|2 years ago
March 4, 2024
1 reply
8 views

Can anyone tell me how the new fixed asset module is any better than just holding the assets in excel ?

I wrongly assumed QB would post the depreciation journal each month but have now been told that is not the case.

QuickBooks Online

S

SirielJeaB

Moderator

The new fixed asset module in QuickBooks Online (QBO) offers several advantages over holding assets in Excel, Steve.

It's user-friendly and intuitive, with built-in automation and customization options that can save you time and effort. QuickBooks automatically creates the depreciation schedule and automatically posts depreciation entries on the 1st day of each month.

Hence, it provides a centralized and organized system for managing your fixed assets, making it easier to track depreciation.

Check out this reference on handling fixed assets within the program: Add and manage fixed assets in QuickBooks Online Advanced.

I also recommend you work with your accountant for guidance and accurate record-keeping.

You'll want to know the financial status of your business. Read these articles:

Notify me by replying below if you need further assistance streamlining your asset management tasks. I'm available 24/7 to help you. Keep safe.

E

EllieForevergreen

Hello, I would love to try this out but I don't seem to have it, has it fully rolled out? I am on my accountant version and can't find it anywhere. It's also the same for one of my client's who is on advanced.

D

DebSheenD

Level 5

Hello, @EllieForevergreen.Welcome to the Community page, Steve. Let me show you the steps on how to set up assets in QuickBooks Online.

If you need to create an asset account to track your land, here's how:

Go to Settings ⚙, then select Chart of Accounts.
Select New.
From the Account Type ▼ dropdown, select Tangible Assets.
From the Detail Type ▼ dropdown, select the option that closely describes the asset.
Name the account, then select the Track depreciation of this asset checkbox.
Enter the current value of your asset in the Original cost field and the as-of-date. If recording the loan, leave this blank.
Press the Save and Close.

Furthermore, you can also consider getting some advice from your accountant about the depreciation and keeping books accurate and expense accounts to use. Do you want to have one? Visit this article: The ProAdvisor Program.

For future reference, read these extra modules about how to manage accounts in QBO.

Feel free to post here again if you have further QuickBooks-related concerns. We are available 24/7 to lend a hand with each of your queries. Stay safe!

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